4 ways COVID-19 is improving the banking sector of Uzbekistan

The banking system of Uzbekistan has adapted well to the COVID-19 crisis, particularly in matters that allow consumers to conduct banking transactions easily and safely. Here are 4 ways Uzbek financial institutions have adapted to the COVID-19 situation to help consumers:

  • Increased mobile app functionality –these apps allow for quick, easy and remote banking services to be completed by consumers.
  • Increased acceptance of online applications – many commercial financial institutions are now allowing users to submit online applications via their official websites. During the pandemic situation, this was also extended to legal entities, allowing them to benefit from remote application processes as well (and often at favorable terms).
  • Sanitized handling of cash – with cash being an easy through which viruses can be transmitted, there has been a reduction in its usage throughout the world. Commercial financial institutions in Uzbekistan are changing the way cash is handled to ensure that cash from banks does not transmit any virus (e.g. received cash must be stored for at least 1 week prior to being distributed to another consumer).
  • Increased usage of digital banking solutions – the digitalization of banking services has been a priority for the banking sector for some time and has been further emphasized due to the pandemic. In this regard, special attention has been paid to the introduction of modern technologies that improve the level of customer service. Moreover, more projects are planned to increase the usage of digital banking solutions, especially those that improve contactless payment services.